Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
According to Reality Trac, a company based in California that tracks these trends, the Baltimore are is especially been hit hard but it is also indicative of a nationwide effect.
Quote:
Foreclosures are also rising nationwide, but not as rapidly as in Maryland, the RealtyTrac numbers suggest. Impending-auction notices jumped 70 percent across the country last month, while lenders took back twice as many properties as they had a year earlier.
There's a vicious cycle at work: As lenders react to foreclosures by tightening credit availability, homeowners are less able to refinance out of trouble. And the slumping housing market means they can't count on selling fast to avoid foreclosure.
Meanwhile, the likes of CNBC are letting folks know that all is well, the stock market is up and doing great and lets nor forget about the rise in our new manufacturing sector, McDonalds, where building burgers produces soaring numbers.
"We've seen the worst of the panic, but we haven't seen the worst of credit losses," Wyss said. "People are not sure what the levels of losses are going to be, and an even bigger part of the problem is, markets don't know who're holding these things, they don't where the bodies are buried, and they don't know how leveraged some holdings are."
He goes on to say that there is a 33% chance for a recession next year but according to others, including Alan Greenspan (broken link) as a conservative estimate. The full effects of the housing and subprime market won't even be entirely felt for onwards of two years.
Interestingly enough, the housing and subprime bubble that was permeating the US market has now sent investors moving into Asian markets where the trends indicate that they are in the process of creating another bubble.
Location: Sitting on a bar stool. Guinness in hand.
4,428 posts, read 6,517,867 times
Reputation: 1721
Repost
Quote:
Originally Posted by TnHilltopper
According to Reality Trac, a company based in California that tracks these trends, the Baltimore are is especially been hit hard but it is also indicative of a nationwide effect.
Meanwhile, the likes of CNBC are letting folks know that all is well, the stock market is up and doing great and lets nor forget about the rise in our new manufacturing sector, McDonalds, where building burgers produces soaring numbers.
He goes on to say that there is a 33% chance for a recession next year but according to others, including Alan Greenspan as a conservative estimate. The full effects of the housing and subprime market won't even be entirely felt for onwards of two years.
Interestingly enough, the housing and subprime bubble that was permeating the US market has now sent investors moving into Asian markets where the trends indicate that they are in the process of creating another bubble.
TN repost this in the real estate professionals or the bussiness and finance forum. You get a better response there.
According to Reality Trac, a company based in California that tracks these trends, the Baltimore are is especially been hit hard but it is also indicative of a nationwide effect.
Meanwhile, the likes of CNBC are letting folks know that all is well, the stock market is up and doing great and lets nor forget about the rise in our new manufacturing sector, McDonalds, where building burgers produces soaring numbers.
He goes on to say that there is a 33% chance for a recession next year but according to others, including Alan Greenspan as a conservative estimate. The full effects of the housing and subprime market won't even be entirely felt for onwards of two years.
Interestingly enough, the housing and subprime bubble that was permeating the US market has now sent investors moving into Asian markets where the trends indicate that they are in the process of creating another bubble.
Lower interest rates = higher mortgages because people can, and do pay more then they wouldnt under normal interest rate situations. They all buy them under adjustible interest rates, and when the interest rates go up.. people lose their homes.
Yes, lower interest rates boost the economy but when left there to long, people feel to comfortable about overpaying like it will never end.
Whats so hard to understand that people have been over paying and been overbuying since the Clinton administration, possibly since Bush Senior's term? (dont recall when Greenspan lowered the interest rates so low.. before my time)
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Repost
